Wednesday, 23 June 2010

19:52 BST - SPX Update

Its possible that we've seen a 4th or (B) wave correction complete. Here are the two charts posted earlier, brought up to date with the post-Fed action:

SPX 2 min chart:

SPX 1 min chart:

It still doesn't look impulsive from the lows, so I don't think the alternative count in the second chart is playing out, but I'm still going to keep an eye on it. Obviously, we need to take out today's low to invalidate it.

And let's hope this correction doesn't just extend by becoming more complex!